"*Financials would be provided on a best efforts basis for private companies.

12. Appendix

12.1. Abbreviations

12.2. Sources

12.3. Research Methodology

12.4. Bibliography

12.5. Compilation of Expert Insights

12.6. Disclaimer

The report predicts the Global Blockchain Technology market to grow with a CAGR of 54.5% over the period of 2017 - 2024. The global market for blockchain at $708 million in 2017 is anticipated to reach $60.7 billion in 2024. IBM and Microsoft are driving blockchain as their clients are making the transition to cloud services.

What is Blockchain Technology?

Blockchain is the distributed ledger technology that is used for the management of financial transactions. Block chain facilitates peer-to-peer transactions without the use of intermediaries such as banks and governing bodies. Bitcoin is regarded as the foundation of the development of BT. BT is the most advanced and innovative distributed ledger management system that has revolutionized the payment industry. The technology is at a nascent stage but has gained popularity in a very shTelecommunications and smartphone giant Huawei has added itself to the list of Chinese tech companies to launch a blockchain-as-a-service (BaaS) platform. The company made the announcement at its analyst conference in Shenzhen on Tuesday. The new platform, given the flashy name of Blockchain Service, is designed to allow companies to develop smart contracts on top of a distributed ledger network for a variety of business use-cases.ort period. Leading financial services firms, IT companies, and manufacturing firms are testing the feasibility to implement BT on a real-time basis.

What are the major applications of Blockchain Technology?

The Block chain technology solutions have been spread out across various industry verticals, including Banking, Financial Services, and Insurance (BFSI), government & public sector, healthcare & life sciences, retail & ecommerce, automotive, agriculture, energy, media & entertainment, and others.

Blockchain solutions are not yet mainstream, but already making a big impact as the technology is highly disruptive in the banking and general financial services sector. Over the years banks have been attempting to digitize and automate their trade processes. However these updated processes are still mainly based around the use of physical documents. A lot of the processes are similar in characteristics however use different IT systems to managed and execute. Through the use of cryptographic keys and multi-signature wallets available via Blockchain, banks could properly automate a number of processes under one technology. This Block chain technology is in use for money transfer service where companies and individuals can send money abroad while avoiding a number of fees normally given to traditional fiat currencies remitted through existing money transfer service. The media and entertainment vertical has been transformed with digital technology to solve various problems such as problem of copyrights by assigning rights, usage tracking, and distribution of all the content creators and owners using blockchain technology.

Market Research and Market Trends of Blockchain

Tech Mahindra partners with blockchain firm ChromaWay

IT services major Tech Mahindra has partnered with Stockholm-based ChromaWay to deliver blockchain technology solutions to the Indian market ChromaWay and Tech Mahindra will focus on developing core technologies primarily for land registration and real estate process orchestration.

Google working on its own blockchain technology

Google is working on blockchain-related technology to support its cloud business and head off competition from emerging startups that use the heavily-hyped technology to operate online in new ways, according to people familiar with the situation

NITI Aayog works on strategy to leverage blockchain technology

NITI Aayog, the government’s premier think tank, is working on a national strategy for blockchain which will identify the areas where the country can implement the technology and also list out the means for doing so. A policy paper is expected to be released by July

Blockchain Technology to be Now Used For Frequent Flyer Spending by Singapore Airlines

Singapore Airlines plans to use blockchain technology to give its frequent flyers a new way to spend their accumulated miles, it said on Monday. The company said a digital wallet app for its Kris Flyer loyalty programme would be launched in about six months and it would be signing up retail partners in the Singapore market to begin with.

Microsoft Announces 'Coco Framework' For Blockchain Networks

With a rise in the adoption of Blockchain technology, Microsoft announced 'Coco Framework', a first-of-its-kind innovation that aims to improve performance, confidentiality and governance of enterprises. Current blockchain protocol technology requires complicated development techniques to meet the operational and security needs of enterprises and Coco Framework reduces this complexity.

Gibraltar launches world’s first license for fintech firms using blockchain

Gibraltar’s financial services watchdog will introduce the world’s first bespoke license for “fintech” firms using blockchain distributed ledger technology, in a bid to attract start-ups to the British overseas territory as it prepares for Brexit.

Huawei announces Hyperledger-based BaaS

Telecommunications and smartphone giant Huawei has added itself to the list of Chinese tech companies to launch a blockchain-as-a-service (BaaS) platform. The company made the announcement at its analyst conference in Shenzhen on Tuesday. The new platform, given the flashy name of Blockchain Service, is designed to allow companies to develop smart contracts on top of a distributed ledger network for a variety of business use-cases.

Who are the Major Players in market?

The key players operating in the global blockchain technology market are Microsoft Corporation, Deloitte Touche Tohmatsu Limited, IBM Corporation, R3, Chain Inc., Consensus Systems (ConsenSys), Ripple, Digital Asset Holdings LLC, and Credits. Most of these companies are expected to focus on M&A in order to improve their consumer base and enhances product offerings.

What is our report scope?

The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2017-2025.

All our reports are customizable to your company needs to a certain extent, we do provide 20 free consulting hours along with purchase of each report, and this will allow you to request any additional data to customize the report to your needs.

Key Takeaways from this Report

Evaluate market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level – for product types, end use applications and by different industry verticals.